JP Morgan in particular is close to establishing a Luxembourg-based bank that would handle clearing of eurozone transactions, which could lead to it moving more of its operations from the UK if there is a British exit from the EU, the publication said.

The changes would not cause a large number of jobs moving to Luxembourg, and London would remain the European headquarters of JP Morgan, at least for the time being, the report said, citing an unnamed source.

The report added that the banks could not be contacted at the time of going to press.

In recent weeks, HSBC has stated it is reviewing whether to move its corporate headquarters outside of the UK. Besides the European Union exit risk (or “Brexit”), another source of concern for such banks has been recent increases to government levies on banks.